Here are the headlines from the S&P/ASX 200 (INDEXASX: XJO)(ASX: XJO) and Australian finance circles on Friday morning.

But first, here are the data points:

Australian Dollar ($A) (AUDUSD): 73.75 US cents

Dow Jones (DJI): down 0.3%

Oil (WTI): $US66.72 per barrel

Gold: $US1,220 per ounce

Australian Investing News

Making finance news today, National Australia Bank Ltd. (ASX: NAB) has again been caught redfaced following a public round of hearings as part of the Royal Commission. Well, it’s worse than redfaced. We think it’s unacceptable.

As reported by AAPNAB charged 4,000 dead superannuation clients $3 million in financial advice fees. It is believed ASIC, the financial system regulator, tabled concerns with NAB about how it handled its ‘advice for no service’, which is the concerning practice of charging customers for advice they never receive.

“ASIC is concerned by NAB and its group licensees’ apparent failure to appreciate the extent and seriousness of this issue despite being on notice since at least 2010,” an ASIC document read. NAB isn’t the only bank or finance company to face scrutiny as part of the Royal Commission.